OPEC Disbands Its Production Quota Monitoring Committee; Peak Oil? What Peak Oil -- Iraq On Track To More Than Double Its Production By 2020 (To More Than 6 Million BOPD)

Rigzone is reporting that OPEC will disband its committee that monitors production compliance. That in itself is news, but in addition, there are some very interesting statistics that seem about as accurate as any statistics that pertain to OPEC:

By 2020, Iraq's oil output is on track to more than double to 6.1 million barrels a day, according to data from the International Energy Agency. At the same time, demand for OPEC's oil is expected to diminish as production from the U.S. and Canada increases by a fifth to 11.9 million barrels a day by 2018, compared with this year, the IEA said.

From just over 30 million barrels a day last year, demand for OPEC crude is expected to fall to 29.2 million barrels a day by 2015, the IEA said. But OPEC's production capacity will rise from 35 million barrels a day last year to 36.4 million barrels a day by 2015, it said.

The implication of this is, in order to prevent an oversupply, OPEC will have to withhold an additional 2.3 million barrels a day of oil from the market by 2015.

That's because the spare capacity OPEC withheld from the market totaled 4.9 million barrels a day in 2012, and will rise to 7.2 million barrels a day by 2015, the IEA said.

The unofficial OPEC production quota is 30 million bopd. Again, according to the linked article:

The decision to axe the committee comes at a time when OPEC member countries no longer have individual production quotas. Instead, since December 2011, OPEC has had a collective production ceiling of 30 million barrels a day, although the group's output has consistently remained above that level.